The Federal Government, through the Federal Competition and Consumer Protection Commission, will begin to roll out sanctions against members of trade associations guilty of anti-competitive practices, indiscriminate and irrational hike of food prices.

Chief Executive Officer of the FCCPC, Babatunde Irukera, said this on Tuesday during a forum organised by the commission to discuss fair food prices.

The forum was titled ‘Fair food prices in Nigeria: A high-level forum for better competition’.

He said, “We will continue to monitor the market, and where we find that prices are excessive or find exploitative conduct, or find that consumers are being taken advantage of, we will intervene. One of the ways of intervening is unlocking the bottlenecks.




“That is what I just said, associations that come together to determine at what price beans should be sold, associations that come together to decide that nobody in a particular market should take yam, beans or rice from any other person except their members, we will proceed against them.”

According to Irukera, some trade unions had constituted cartels to engage in anti-competitive practices that have led to price gouging of basic food items.

He noted that taking a hard line against indiscriminate food price hikes had become imperative in light of the president’s declaration of food security as a national emergency last week.


Irukera said, “Competition regulation and consumer protection is not only to regulate the big companies. It is not only to regulate the formal sector. It is also to regulate the informal sector. In a place like Nigeria, it is even more critical to find a strategy to regulate the informal sector because, at the end of the day the vast majority of our economy is informal.


https://punchng.com/fg-to-sanction-trade-associations-over-food-price-hike/

Hmm

Create policy that will make food available, works towards it, not fighting unrealistic fight.

Is sense really far from Government officials?

Buhahaha.

Kai.


Agbado economics

Very unrealistic!

Nice

Unserious set of individuals. The price of foodstuffs will surely increase when the price of petroleum products increase.

Nonsense. Let there be free flow of food from other countries. Start from that first and watch food prices drop.

I am baffled at the astronomical rise of powdered milk. Milk is now meant for the rich.

Everything fucking expensive!!

they are mad, so if I transport my market at 10k before and now it 20k cause of subsidy removal u will sanction me for price increment? here is time to put those stupid transport unions to work, I think to are the thief's to sanction

Insensitive leaders.
After paying 150k instead of 20k for fuel from Jos to ph and 500k to bandits to enable him farm freely.....you will still expect adamu to sell a basket of tomatoes that was to be sold for 10k for same 10k.cos na una start the farm business for am.

Government of witchcraft.

They removed subsidy and don't want others to increase their prices.

Government will send armed police/army robbers on the road that steal from motorists that transport these foodstuffs and you don't want the seller to pass it on to the final consumer.


To crash price, a reasonable government goes to the food reserve and flood the market with it. Do we have food reserve in Nigeria?

Good

Our roads self wowo pass potopoto, police, LG, area boys tanda gidigba for roads. How food go come cheap. Ayamatanga gofament

Agbado Economics. SW and their monarchist socialism

Very soon soldiers will be flogging food stuff vendor's to lower price.
Agbadonomics made in Chicago, packaged in Irikpaji, warehouse and distributed from Boudillon.

Agbado people and their knowledge of economics.

A government that removed fuel subsidy without putting an alternative in place, now wishes to punish food stuff sellers that have been affected by the sudden hike in fuel price.

Of course, Soyinka will not protest, until the president comes from the SS.

This one is just playing
We are running a free market
Any price I fix nor concern you
cc: nairalanda1

APC be curse.

Nonny95:
Buhahaha.

Kai.


Agbado economics

Very Useless people. Like Buhari like Tinubu.

Senselessness and moro.nic behavior. Do these people have brain at all?

I don't think this news is true

Beremx:
Nonsense. Let there be free flow of food from other countries. Start from that first and watch food prices drop.

I am baffled at the astronomical rise of powdered milk. Milk is now meant for the rich.

Everything fucking expensive!!

Have you tried buying sardines, margarine, mayonnaise recently?

Zupay:
Very unrealistic!

Smh. You don't know that some of them are selling grains released by FG abi. Many of you don't understand Jack. The profiteers need to be monitored.

Buddha3:


Have you tried buying sardines, margarine, mayonnaise recently?

I haven't. Have the prices dropped?

He built Lagos
He built Lagos
He built Lagos
*E reach to build Nigeria* Cement finish 🙄

Beremx:
I haven't. Have the prices dropped?

Lol.

Dropped? The only thing dropping anytime soon is the living standards of ordinary Nigerians and the value of the naira against the dollar.

If you're able to afford sardines in noodles these days, your file suppose dey with EFCC, alongside Godswill Akpabio own..

Didijiji:
He built Lagos
He built Lagos
He built Lagos
*E reach to build Nigeria* Cement finish 🙄

Cement no finish. His hands are not just strong enough to hold the shovel and hand trowel.

Maybe this government has run out of ideas on how to solve the current economy crises

Buddha3:


Lol.

Dropped? The only thing dropping anytime soon is the living standards of ordinary Nigerians and the value of the naira against the dollar.

If you're able to afford sardines in noodles these days, your file suppose dey with EFCC, alongside Godswill Akpabio own..

I have not bought those items lately. I can't remember last I bought sardine sef.

God help me o!

Buddha3:




Cement no finish. His hands are not just strong enough to hold the shovel and hand trowel.

maybe he needs time sha

But the speech about subsidy removal at inauguration killed his government already